J.Crew Group has filed to get started Chapter 11 individual bankruptcy proceedings in federal individual bankruptcy courtroom in the Japanese District of Virginia, expressing it has reached a offer with its loan providers to change about $1.65 billion of personal debt into fairness.
The organization, which operates the J.Crew and Madewell brands, is the initially countrywide retailer in the United States to file for individual bankruptcy security given that the coronavirus pandemic.
J.Crew claimed it has secured commitments for a debtor-in-possession funding facility of $400 million and committed exit funding from Anchorage Capital Group, GSO Capital Partners, and Davidson Kempner Capital Administration. The organization reached agreements with holders of roughly 71% of its time period bank loan and seventy eight% of its IPCo notes. It claimed it expects to remain in company and arise from individual bankruptcy as a lucrative organization.
In September, J.Crew claimed that Madewell Group, its quickly-developing